Comstock Resources ( (CRK) ) has released its Q4 earnings. Here is a breakdown of the information Comstock Resources presented to its investors.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Comstock Resources, Inc. is a leading independent natural gas producer focusing primarily on the Haynesville shale in North Louisiana and East Texas, traded on the New York Stock Exchange under the symbol CRK.
In its latest earnings report, Comstock Resources announced its financial and operating results for the fourth quarter and the year ending December 31, 2024. The company reported natural gas and oil sales, including realized hedging gains, of $336 million for the fourth quarter.
Key financial metrics revealed that Comstock’s operating cash flow for the quarter was $223 million, with an adjusted EBITDAX of $252 million. The company reported an adjusted net income of $46.3 million or $0.16 per share. Despite facing a lower production level of 124.2 Bcfe in the fourth quarter compared to 140.6 Bcfe in the same period in 2023, Comstock successfully turned six wells to sales in the Western Haynesville area, enhancing its production capacity.
For the entire year 2024, Comstock produced 527.8 Bcfe and generated total natural gas and oil sales of $1.3 billion. The company announced a net loss of $218.8 million, which included a significant unrealized loss on hedging contracts. The total proved reserves were estimated at 3.8 trillion cubic feet equivalent at the end of 2024.
Looking ahead, Comstock plans to increase its operating drilling rigs from five to seven in 2025, focusing on the Western Haynesville area. The company plans to invest approximately $1.0 billion to $1.1 billion in development and exploration projects, reflecting a strategic focus on enhancing production and capitalizing on improved market conditions.
